| Author |
The conditions for creating a theoretical premise |
Contribution to the definition of money supply |
| D. Ricardo |
The Gold Standard |
He discovered the interdependence between the amount of money, its value and prices, when gold was the main unit of settlement. |
| K. Marx |
The study of the regularity of commodity circulation |
An objective economic law determines the amount of money in circulation, according to which the necessary amount of metal money is circulated, and the self-regulation mechanism redirects excess money from the sphere of circulation to the category of treasures. |
| H. Thornton |
Contribution to the theory of money |
He introduced categories: «means of payments», «currency», which received in England the status of statistical indicators characterizing the number of circulating money, both metal and paper, as well as banknotes, deposits and commercial bills. |
| F. Hayek |
Withdrawal from the gold standard and assessment of the impact of money on prices, employment and other macroeconomic indicators |
He revealed the need to take into account all the tools that serve money at least temporarily. Introduced the credit system in the form of a pyramid standing on its top. Its narrowest part or the first segment contains the main currency, the second segment includes money issued by banks, the third contains non-bank commercial loans. According to studies, he came to the conclusion that it is possible to influence the bulk of the main currency and loans issued by banks, but it is very difficult to influence non-bank loans. |
